New Document top_band
 
Business Standard

United Spirits, UB Holdings rally on Diageo deal buzz

The board of these companies have schedule to meet tomorrow to consider Q2 results

Read more on:    Diageo | Ub Holdings | United Spirits
Related News

Shares of Vijay Mallya promoted UB Group companies mainly Limited (USL) and United Breweries (Holdings) have rallied up to 7% on TV channel reports that top officials of USL are expected to meet today to continue discussing a potential stake sale.

The board of directors of both these companies have schedule to meet tomorrow to consider the un-audited financial results for the three months ended September 30, 2012.

Since September 25, the stock of USL and United Breweries (Holdings) have rallied 28% and 20% respectively after USL and Diageo plc jointly confirm that Diageo plc is in discussion with USL and United Breweries (Holdings) in respect of possible transactions for Diageo plc to acquire an interest in USL.

“Britain's drinks major Diageo is set to pick up a 51% stake in USL for about $2 billion (Rs 10,820 crore). The deal involves the purchase of a portion of Vijay Mallya's stock, the issue of fresh shares and an open offer to buy stock from public shareholders,” according to Mint report dated November 6.

Today, USL has rallied 7% to Rs 1,394 on back of heavy volumes. The stock opened at Rs 1,290 and has seen a combined 4.52 million shares changing hands on the counter so far on both the exchanges.

United Breweries (Holdings), which held 18% stake in USL, has locked in 5% upper circuit at Rs 132 on the NSE. A combined 3.76 million shares have already changed hands on the counter and there are pending buy orders for 272,559 shares at 1303 hours.

Read more on:   
|
|

Read More

BSE launches carbon index

Premier bourse BSE, in collaboration with the UK government, today launched BSE Carbonex, the first-of-its-kind index in India or any emerging market ...

Quick Links

 

Market News

Stock picking by institutional investors

India's benchmark indices rose about 14 per cent during the April-June period, the best quarterly gain since September 2009. Foreign investors ...

Today's Picks - 31 July 2014

Nifty, Bank Nifty, Cipla, ntpc & HCL Tech

Offshore India funds, ETFs see $294-million inflows in Apr-Jun

There was an outflow of $1 billion during the quarter and a net infusion of $1.29 billion into offshore funds and ETFs

F&O expiry: Nifty ends 70 points lower at 7,721

Markets ended lower following expiry of July F&O contracts and sales by foreign funds

Five takeaways from HCL Technologies numbers

What the profit numbers do not reflect, however, is the huge order wins by the company during the quarter

Back to Top